Core Viewpoint - Supor's 2025 semi-annual performance report shows a slight increase in revenue but a minor decrease in net profit, reflecting the challenges in the small home appliance market and the impact of new subsidy policies on consumer demand [1][2][3]. Group 1: Company Performance - Supor reported an operating income of approximately 11.478 billion yuan, a year-on-year increase of 4.68% [1]. - The net profit attributable to shareholders was about 940 million yuan, a slight decrease of 0.07% year-on-year, with basic earnings per share at 1.18 yuan, down 0.08% [1]. - From 2020 to 2024, Supor's operating income fluctuated, with figures of 18.597 billion yuan, 21.585 billion yuan, 20.171 billion yuan, 21.304 billion yuan, and 22.427 billion yuan, showing year-on-year changes of -6.33%, 16.07%, -6.55%, 5.62%, and 5.27% respectively [1]. Group 2: Market Trends - Since 2022, the small home appliance market has faced significant challenges due to declining consumer purchasing power, but signs of recovery have emerged in 2023 as the economy rebounds [2]. - The expansion of national subsidy policies in 2025 to include kitchen appliances like rice cookers and microwaves is expected to benefit leading small appliance companies [2]. - The first quarter of 2025 saw a 2.1% year-on-year increase in the overall home appliance market (excluding 3C), with kitchen small appliances achieving a retail revenue of 16.2 billion yuan, up 2.5% year-on-year [2]. Group 3: Product Pricing and Sales - In May 2023, the average prices of various kitchen small appliances increased significantly, with rice cookers up 20.74% and steamers up 37.42% year-on-year [3]. - Supor's domestic sales remained stable due to continuous innovation and strong channel advantages, while export orders also saw growth [3]. - The slight decline in net profit was attributed to the impact of export business and lower investment income due to declining interest rates, prompting the company to enhance resource allocation in core categories and optimize product structure [3]. Group 4: Financial Position - Supor reported a decrease in total assets and equity attributable to shareholders by 12.37% and 20.33% respectively, primarily due to the implementation of the 2024 profit distribution plan [4].

Core Points - Shanghai's market supervision authority conducted a quality inspection of electric ovens and baking appliances, testing 35 batches of products, with 1 batch found to be non-compliant [2][3] - The inspection revealed that 9 batches from physical sales were compliant, while 1 out of 26 batches from e-commerce sales failed the quality check [2][3] - The non-compliant product was an air fryer from Ningbo Mijia Electronics, which failed on input power, current, stability, and mechanical hazards [2][3] Summary by Category Inspection Results - Total of 35 batches inspected, with 1 batch non-compliant [2] - 9 batches from physical stores passed, while 1 batch from online sales failed [2] - Non-compliant product was identified and reported to local market supervision for further action [2] Product Details - Non-compliant product: Air fryer (model KS-068) from Ningbo Mijia Electronics, sold on 1688 platform [2] - Compliance was noted for products from various manufacturers including Zhejiang Aishida and Haier [3][4] - The inspection covered products from 5 provinces, including Shanghai, with 3 batches produced locally and 32 from other regions [2]

Core Viewpoint - The kitchen small appliance industry is experiencing significant performance differentiation among companies, driven by varying progress in diversification and internationalization [1] Market Trends - The "stay-at-home economy" boosted kitchen small appliance sales in 2020-2021, but demand has since slowed, leading to a decline in sales in 2022 [2] - In 2023, some brands like Bear Electric and Supor saw sales recover due to new live-streaming e-commerce channels, but others continued to experience declines [2] - The overall retail sales of kitchen small appliances reached 60.9 billion yuan last year, a year-on-year decrease of 0.8% [2] - There is a notable price decline in the small appliance sector, attributed to weakened market demand and intense price competition [2][3] International Expansion - To overcome growth challenges, small appliance companies are increasingly looking to international markets, with exports showing positive trends [4] - In the past year, kitchen small appliance exports reached 19.9 billion USD, a year-on-year increase of 9.1% [4] - Supor's domestic revenue fell by 1.21% to 14.925 billion yuan, while foreign trade revenue grew by 21.07% to 7.502 billion yuan [4] - New Treasure and Bear Electric also reported declines in domestic revenue but increases in foreign revenue [4] Competitive Landscape - The small appliance industry is characterized by intense competition, with companies needing to innovate and adapt to survive [5] - Analysts note that the domestic market is largely saturated, prompting companies to seek growth in overseas markets [5] Product Innovation - Companies are focusing on rapid product iteration to meet changing consumer demands, with some launching over 80 new products annually [6] - The unique attributes of small appliances require manufacturers to quickly adapt to consumer preferences and trends [7] - There is a shift from single-function products to multi-functional product development to enhance value and growth potential [7][8] Consumer Preferences - Consumers are increasingly willing to pay for smart appliances with practical functions, indicating a trend towards mid-to-high-end products [8]